Economy

  The International Air Transport Association has lowered its net profit forecast for African airlines in 2026 to $100 million, citing continued operational and structural challenges facing carriers across the continent. The revised outlook was contained in IATA’s Global Outlook for Air Transport – Energy in Crisis, released in June 2026 as part of its […]

  The Economic and Financial Crimes Commission (EFCC) has arraigned a couple, Olorunbukunmi Taiwo and Awolegan Omolola Omotola, over an alleged N1.09 billion fraud involving a widow who was reportedly persuaded to finance a purported road construction contract. The anti-graft agency disclosed this in a statement published on its official X account on June 8,

  Nigeria’s naira maintained relative strength against the British Pound Sterling in the official foreign exchange market, supported by ongoing liquidity management measures by the Central Bank of Nigeria (CBN) and improved foreign reserve levels. According to the latest CBN data, the naira closed at N1,823/£1 on Friday, June 5, 2026. During the first week

FCMB Group Plc has reported a profit before tax (PBT) of N202.10 billion for the financial year ended December 31, 2025, representing an 80.61% year-on-year increase from the N111.90 billion recorded in 2024. The strong performance was driven primarily by a surge in interest income, improved net interest margins, and growth in fee-based revenues. Key

Nigeria recorded a merchandise trade surplus of N7.55 trillion in the first quarter of 2026, representing a 340.88% increase from the N1.71 trillion surplus reported in the fourth quarter of 2025. According to the latest data released by the National Bureau of Statistics (NBS), the sharp improvement was driven by stronger export earnings—particularly from crude

  The Central Bank of Nigeria raised N1.457 trillion at its Treasury Bills Primary Market Auction held on June 3, 2026, increasing stop rates across all tenors despite receiving subscriptions of N2.160 trillion, more than double the N1 trillion offered. The auction results indicate that investor appetite for government securities remains strong, even as yields

  Africans with at least $50 million in investable assets are increasingly directing their wealth into real estate as a means of preserving capital, diversifying portfolios, and generating long-term income, according to a new report released by Standard Bank Group. The report indicates that ultra-high-net-worth individuals (UHNWIs) across the continent are expanding their exposure to

  Interswitch Group, one of Africa’s leading payments and digital commerce companies, has announced a strategic collaboration with Temenos, a global banking technology provider, to strengthen its digital banking capabilities and expand access to modern financial services across the continent. Under the partnership, Interswitch will adopt Temenos’ banking technology solutions to support its next phase

  The Federal High Court in Abuja has ordered the final forfeiture of assets valued at approximately N2 billion linked to Alonge Opeyemi Yetunde and other individuals. The development was disclosed in a statement issued on Thursday and signed by Anthony Okon Placid of the Nigeria Police Force Headquarters, Abuja. What the Police are saying

  Nigeria’s equities market has lost more than N5 trillion in market capitalization since the start of June, as investors lock in profits following one of the strongest rallies in the history of the Nigerian Exchange Group (NGX). The pullback comes after the market crossed the N160 trillion capitalization mark at the end of May